LONDON (Alliance News) - MediaZest PLC said Monday it will post a slightly increased operating loss for the year to end-March due to investment, although it saw revenue improve to its highest level since 2008, driven by three large projects during the year.
Revenue has risen to GBP2.9 million from GBP1.9 million, MediaZest said. The company successfully completed a contract with Coca-Cola in May to provide audio-visual installations at the World Cup in Brazil.
Additionally, it completed a large university installation project during the first half of the year which generated revenue of over GBP400,000 for the company, and a refurbishment project at the Bevis Marks synagogue in London.
MediaZest said it would see a small increase in its operating loss for the year, including interest and depreciation, due to investment in sales and marketing. Excluding interest and depreciation, its operating loss is expected to be at a similar level to the previous year.
It said that whilst it is disappointing that it has seen less progress in producing a positive bottom line, it believes this investment is crucial in generating longer-term opportunities.
During the year MediaZest also invested in a new showroom in London, incorporated its TouchVision Ltd brand under its MediaZest brand, updated its company website, and attended global trade-show Euroshop with SFD Ltd.
MediaZest cited the growing relationship with SFD, alongside its strategic relationship with Samsung Electronics Co Ltd, as promising potential drivers for its business.
The company is continuing to transition its revenue base towards more ongoing, contractual business and away from large-scale projects.
MediaZest said it expects to launch the first version of its audience measurement service this week, with trial deployments to follow shortly after. It expects further investment to develop the product will likely be required.
It has finalised the designs for its hologram unit, and expects to launch the product shortly after a test build scheduled for summer 2014.
Shares in Mediazest were trading down 6.4% at 0.220 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Mediazest (MDZ)